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Third of Hungarians have no financial plans for retirement

Third of Hungarians have no financial plans for retirement

Budapest (MTI) – A third of Hungarians have not made any preparations for their financial security after retirement, daily Magyar Hírlap reported on Saturday citing a survey by insurance broker 4Life Direct.

Some two-thirds of people aged 30 to 65 said they have not made any savings for services and drugs needed in their later age and 12 percent, mostly men, said they did not even plan to put money aside for such purposes, because that was the task of social security services, the paper said, citing the results of a nationwide, representative survey made this autumn.

Generally women consider health services more important than men. Some 68 percent of residents outside Budapest and 58 percent of Budapest residents said a firm family background was important to financial security in old age. Some 15 percent of the people interviewed and mostly those above 50 said they expected family members to take care of them in their later age, the paper said.

Around half of those interviewed said they had some form of pension savings, including voluntary pension fund membership, pension insurance or a bank deposit.

Source: MTI/Magyar Hírrlap

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